Assessing the results of individual development operations is essential to learning what works and what does not and thus to increasing the effectiveness of investments in development. The purpose of this independent review is to ensure the accuracy and credibility of the project performance reporting system. This report summarizes the results and findings of OVE’s review of the 30 Expanded Supervision Reports (XSRs) completed by IIC in 2016 for NSG operations that reached early operating maturity in 2015, and for the 21 Project Completion Reports (PCRs) that IDB completed under the 2014 PCR guidelines by the end of 2016.